Friday, February 24, 2012

Q and A on Penny Auction Software #4

Q. What products should I auction?

A. It’s a tricky question as it will largely define your business. The first rule is – market products that will appeal to your costumers.

And we’re not talking about market segmentation here. If you already have a successful e-commerce website that offers, let’s say hunting equipment or diving equipment or any other special niche range of products, this doesn’t mean that you should open a penny auction featuring the same line of products.

Keep in mind that choosing highly targeted products for your auctioned items will significantly narrow down your target audience. Always ask yourself, will these items be able to attract a sufficient amount of active bidders and keep your auctions alive longer. If your auctions will end quickly because there are only a few bidders on your website not only will it result in revenue loss but also in low levels of engagement of your clients and soon even the few bidders you have will lose interest.

It’s a good idea to think about products that are popular in your country or region, something that can attract and engage a lot of people. Surprisingly you may find that it’s not necessarily expensive products like iPads’ or Plasma TVs’.
Although our experience suggests that quite often the lower the country’s GDP per capita the more expensive products are required to be auctioned in order to reach the required critical mass of interested bidders to keep the business growing.

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